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MBA论文_高层管理团队异质性与企业绩效的关系—股权结构的调节作用

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摘要
本文以中小板上市企业高管团队人口特征中的年龄、教育水平、
任期异质性特征入手,以委托代理理论、高层梯队理论等相关理论为
基础,综合考量我国中小板高管团队异质性特征与企业绩效的关系。
首先构建高管团队异质性、控制变量以及企业绩效变量间的关系
模型,提出相关假设;在此基础上加入了股权结构的调节变量,提出
相关假设;然后选取中小板上市公司面板数据为研究样本,收集并整
理数据;最后运用统计分析工具对高管团队异质性特征和企业绩效变
量间的相关性、以及基于股权结构调节下的关系进行了实证检验。
研究结果表明,中小板上市高层管理团队年龄异质性与企业绩效
呈U型曲线相关;任期异质性与企业绩效负相关;教育水平异质性与
企业绩效正相关。流通股比例负向调节年龄异质性与企业绩效的关系;
股权集中度正向调节年龄异质性与企业绩效的关系;高层管理团队持
股正向调节年龄异质性、任期异质性与企业绩效之间的关系。
本文从高管团队异质性角度探讨中小板上市企业高管团队特征
与企业绩效之间关系,有助于政府部门、企业决策者深入了解我国中
小板企业管理人才与年龄、任期、教育之间的关系,为高管团队的组
建、进一步提高企业高管团队经营管理水平提供理论支持。
关键词高层管理团队异质性股权结构企业绩效
THERELATIONSHIPBETWEENTHEHETEROGENEITY
OFTMTANDENTERPRISEPERFORMANCE:THE
MODERATINGROLEOFSHAREHOLDINGSTRUCTURE
ABSTRACT
Basedonthecharacteristicsofsmallandmedium-sizedboardlisted
companyexecutiveteampopulationage,educationlevel,the
characteristicsofthetermheterogeneity,withprincipal-agenttheory,the
upperechelontheoryandrelevanttheory,onthebasisofcomprehensive
considerationofourcountrysmallandmedium-sizedplateofTMT
heterogeneityandtherelationshipbetweenthecorporateperformance.
Firstly,itconstructstherelationshipmodelbetweenthe
heterogeneity,controlvariablesandenterpriseperformancevariablesof
seniorexecutives,andputsforwardrelatedhypotheses.Onthebasisof
this,theregulationvariablesoftheequitystructureareaddedandthe
relatedhypothesesareputforward.Thenselectthepaneldataofsmall
andmedium-sizedboardcompaniestostudysamples,collectandcollate
data;Finally,statisticalanalysistoolsareusedtoverifythecorrelation
betweentheheterogeneityofexecutiveteamandthecorrelationbetween
enterpriseperformancevariablesandtherelationshipbasedonthe
regulationofequitystructure.
Theresultsshowthattheageheterogeneityofthesenior
managementteamisrelatedtotheu-shapedcurveofenterprise
performance.Thetermheterogeneityisnegativelycorrelatedwith
enterpriseperformance;Theheterogeneityofeducationispositively
correlatedwithenterpriseperformance.Therelationshipbetweenthe
proportionoftradablesharesnegativetotheadjustmentofage
heterogeneityandenterpriseperformance;Equityconcentrationisthe
relationshipbetweenageheterogeneityandcorporateperformance.The
seniormanagementteamownstherelationshipbetweenageheterogeneity,
termheterogeneityandcorporateperformance.
ThisarticlefromtheperspectiveofTMTheterogeneity
characteristicsofsmallandmedium-sizedboardlistedcompany
executiveteamandtherelationshipbetweenenterpriseperformance,help
thegovernmentdepartments,enterprisespolicymakersunderstandour
countrysmallandmedium-sizedplateenterprisemanagementpersonnel
andtherelationshipbetweenage,tenure,education,forthesenior
managementteamofseniormanagementteamformed,furtherimprove
theenterprisemanagementleveltoprovidetheoreticalsupport.
KEYWORDSTopmanagementteamHeterogeneityOwnership
structureEnterpriseperformance。